Overview and highlights
Alumasc is pleased to announce earnings growth for the fourth consecutive first half year:
Underlying earnings per share from continuing operations advanced by 10% to 8.9 pence per share (2014: 8.1 pence) and basic earnings per share grew by 15% to 7.6 pence (2014: 6.6 pence).
These improved results were driven by continued profitable growth in Alumasc's water management and housebuilding products businesses, lower financing charges and the successful disposal of the loss making Alumasc Precision Components business in June 2015.
Cash remains well controlled and the group continues to be free of any net indebtedness. Net cash at 31 December 2015 was £0.5 million (30 June 2015: net cash of £0.9 million; 31 December 2014 net debt of £7.7 million).
Building products order books rose to £27.4 million at 31 December 2015 (30 June 2015: £24.0 million; 31 December 2014: £19.2 million). Most of the increase relates to Levolux and will benefit the group's 2016/17 financial year and beyond.
In view of all the above, the Board has decided to increase the interim dividend by 8% to 2.7 pence per share (2014: 2.5 pence).